DIY Conveyancing: Property Buying & Selling
Searching the internet, you will find many websites that offer to do your property conveyancing for you in the UK. You might be wondering, can I do it myself? The answer is yes! You absolutely can, but there are certain things you need to know before beginning the process. This blog will give you a basic overview of what property conveyancing is and what you need to do to do it yourself.
Also read: Conveyancing Help For First Time Buyers
What is Property Conveyancing?
Conveyancing is the legal process of transferring the ownership of land or property from one person to another. In the UK, this process is regulated by the Law Society.
Also read: Step By Step Conveyancing Process
There are two types of conveyancing: freehold and leasehold. Freehold means that you own the property outright and can do whatever you like with it. Leasehold means that you own the property for a set period, typically 99 years, after which it reverts to the owner of the freehold.
If you’re an estate agent, it’s likely that you’ll be involved in the conveyancing process in some capacity, whether it be helping your clients to find a good solicitor and conveyancer, providing advice and support during the transaction, or simply keeping track of progress and chasing up any missing documents.
Also See: How Long Does Conveyancing Take?
What Do I Need to Do My Own Property Conveyancing?
If you want to do your property conveyancing in the UK, there are a few things you need to know. First, you will need to find a solicitor who is qualified to carry out conveyancing. Second, you will need to get quotes from different solicitors so that you can compare prices. And third, you will need to make sure that all of the necessary paperwork is in order before beginning the process.
The main piece of paperwork you will need is called a Transfer Deed. This document lists the buyer and seller as well as all of the pertinent details about the property being transferred. The solicitor will also need to see a copy of your ID, proof of address, and proof of income.
Once everything is in order, the solicitor will begin the conveyancing process on your behalf. They will contact the Land Registry to begin the transfer of ownership, and they will also contact your mortgage lender (if applicable) to arrange for the release of funds.
The first step in any conveyancing transaction is for the buyer’s solicitors to send a letter of instruction to the seller’s solicitors. This letter sets out the details of the property sale and includes information such as the purchase price and the date on which completion is required.
Once the seller’s solicitors have received this letter of instruction, they will begin to prepare the contract pack. This pack includes all of the legal documents relating to the property sale, such as the title deeds and any mortgage documents.
Once the contract pack is ready, it will be sent to the buyer’s solicitors and conveyancers who will then check that everything is in order. They will also carry out local searches at this stage to check for any planning restrictions or other issues that could affect the property.
Once the buyer’s solicitors are satisfied that everything is in order, they will send a report to their client (the buyer) outlining all of the key points of the sale. The buyer then has 10 days to raise any concerns or queries before they are legally bound by the contract.
If there are no issues at this stage, then both parties will sign the contract and agree on a date for completion. Completion is when ownership of the property is officially transferred from the seller to the buyer and all money changes hands.
Once completion has taken place, both parties’ solicitors will automatically exchange keys and notify HM Land Registry so that they can update their records. The whole process can take anywhere from 8 weeks to 6 months, although it is typically completed within 12 weeks.
Also See: How to Appoint a Conveyancing Solicitor
While it’s certainly possible to hire a professional conveyancer to handle your property transaction from start to finish, some people choose to do their conveyancing instead. If you’re thinking of taking this route, there are a few things you need to keep in mind. First and foremost, make sure you understand all of the restrictions placed on the property—such as listed building status or planning permission requirements—before proceeding with any negotiations.
Secondly, be sure to get a copy of the title deeds from the current owner so that there can be no misunderstanding about who owns which parts of the property. Once a purchase price has been agreed upon by both parties, it’s time to instruct a solicitor or licensed conveyancer to draw up the contract of sale. Completion is simply when ownership of the property is officially transferred from seller to buyer and keys are exchanged—after which you’ll be free to move into your new home!